Expands the historic property rehabilitation tax credit in Maine by increasing the maximum credit amount and modifying eligibility criteria.

The bill modifies the historic property rehabilitation tax credit in Maine by raising the maximum credit amount from $5 million to $10 million for the first two years of a project, and maintaining the $5 million limit for subsequent years. It also removes the requirement that the certified historic structure must be placed in service in the taxable year. Additionally, the bill increases the credit percentage to 30% if housing is created as part of the rehabilitation efforts.

Expands the historic property rehabilitation tax credit in Maine by increasing the maximum credit amount and modifying eligibility criteria.

The bill modifies the historic property rehabilitation tax credit in Maine by raising the maximum credit amount from $5 million to $10 million for the first two years of a project, and maintaining the $5 million limit for subsequent years. It also removes the requirement that the certified historic structure must be placed in service in the taxable year. Additionally, the bill increases the credit percentage to 30% if housing is created as part of the rehabilitation efforts.